Originally Posted by
-Z-
Ali brought this to my attention today, he is studying Finance in school, I found this quite disturbing, but not surprising.
the 1st of many I suspect:
Lehman Brothers Holdings Inc. (NYSE: LEH) (pronounced IPA: /ˈliːmən/), founded in 1850, is a crisis hit[1] global financial-services firm. The firm does business in investment banking, equity and fixed-income sales, research and trading, investment management, private equity, and private banking. It is a primary dealer in the U.S. Treasury securities market.
On September 15, 2008, it filed for Chapter 11 bankruptcy protection[2] listing bank debt of $613 billion, $155 billion in bond debt and assets worth only $639 billion.[3] The filing is the largest bankruptcy in US history. [4] Until the bankruptcy procedures are completed, the company is still in existence.
Lehman Brothers (LEH) shares tumbled 80% in U.S. pre-open trade. Macquarie Private Wealth associate director Marcus Droga stated: "You've probably seen more in one day of financial history than we've seen since the great crash of 1929. I'm not suggesting the US market will crash tonight, but in terms of landmark events, it's an historic day."
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Stop wasting money in Iraq.
Z